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The Intellectual Property Audit

Construction of an effective Intellectual Property (IP) protection starts with conducting an audit, in other words, it begins with determining the objects of IP and further revision of their safety.

For a long time Ukrainian companies were not paying proper attention to the monetary value of the intangible assets (Intellectual Properties). The consequences appeared immediately, because most of the companies that own the objects of IP's didn't have any legal protection.
When should an audit of an Intellectual Property be conducted?

The audit of an Intellectual Property should be conducted for one of two reasons:
1. As a part of a general audit, which takes place when the new company is bought or two businesses merged. During this type of audit the following conditions are analyzed:
- Legal status and general structure of the audited object, including a company's affiliate companies/divisions.
- Reception of all the required licenses.
- Intellectual Property and tangible technologies.
- Controversial issues.
- Insurance system.

2. Based on the initiation or discovery of an Intellectual Property objects, and their registration with Patent Office of Ukraine.

What are the objects of Intellectual Property?
According to Ukrainian law, protected objects of the Intellectual Property are:
- Literature and artistic works.
- Computer programs.
- Databases.
- Performances.
- Phonograms, video grams, programs.
- Scientific discoveries.
- Inventions, utility models and industrial designs.
- Topography of the integral micro schemes.
- Inventory suggestions.
- Kinds of plants and animals.
- Commercial names, trademarks, geographical indications
- Trade secrets.

How is the audit conducted?
An audit is an independent defining of the company’s Intellectual Properties. While auditing:
- IP's, such as trademarks, brand names, labels etc are noted.
- The possibility of protection for the IP's is noted (taking in consideration the legal documents).
- The audit results comprise recommendations for the amount of protection for the IP's in noted.
- The audit is conducted by an experienced patent attorney. For examples, Maria Ortinska, who has practiced trademark registration and IP protection for many years is ready to serve your company's needs.

What benefits to you get from an Intellectual Property audit conducted by an experienced patent attorney?
The audit includes intangible assets as well as the tangible ones, because intangible assets are also part of the statute fund. Besides, the defined IP's can be used as collateral, or even be the main subject of the sale or merger. If the unregistered IP's are defined during the audit, then the patent attorney will turn the company’s attention to the importance of registration or patenting. Agreements on software buying will also be checked during the audit. It will help to avoid future lawsuits from the rightful owners. Additionally, all the valuable elaborations and strategies will be patented and registered during the audit.

If there have been any violations to the IP rights they will be discovered review of the audit results. Also, the patent attorney will, if necessary, develop a strategy for a court defense and provide the appropriate legal support.

Our firm has specialists who will conduct your company’s comprehensive audit. This means no good or bad business strategy, Intellectual Property or invention will that go unnoticed. Because we have such a large legal practice, our firm's has specialists who will conduct your company’s in a professional and timely manner. All you need to do is call our office +380 (44) 362 01 89 and one of our specialists will be happy to clarify the details of conducting an audit for your company.